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Trade gap widened in November

Jan. 11, 2013 at 9:31 AM   |   Comments

WASHINGTON, Jan. 11 (UPI) -- The U.S. trade deficit jumped sharply from October to November of 2012, the Commerce Department's Bureau of Economic Analysis said Friday.

The trade gap grew from a revised October deficit of $42.1 billion -- previously announced as $42.3 billion -- to $48.7 billion, with the gain in imports far outpacing the month's gain.

Exports rose by $1.7 billion month-to-month to $182.5 billion but imports jumped by $8.4 billion to $231.8 billion, the bureau said.

In November, the deficit in goods trading increased by $6.6 billion to $65.7 billion.

The surplus in services exports month-to-month held steady at $17 billion.

The difference was a sharp increase in goods imports, which jumped by $8.2 billion to $195 billion. By comparison, exports of services rose by only $100 million to $53.2 billion while imports of services increased by $200 million to $36.3 billion.

Among major trading partners, the trade gap with China dropped from $29.5 billion to $29 billion. The decline in the trade gap with the Organization of Petroleum Exporting Countries was even more pronounced, with the deficit falling from $8.6 billion to $6.6 billion.

The trade deficit widened with the European Union, Germany, Mexico, Canada, Ireland, Venezuela and Korea, the bureau said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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